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Five-star manager says bond market's fear is overblown

The thoughts and opinions expressed in the article are solely those of the persons speaking as of  January 12, 2018. There can be no assurance with regard to future market movements. The discussion of individual companies should not be considered a recommendation of such companies by the Fund's investment adviser. The discussion is designed to provide viewers with an understanding of how the Fund's investment adviser manages the Fund's portfolio. There can be no assurance with regard to future market movements. Mutual fund investing involves risk. Principal loss is possible. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund and may be obtained by calling 1-888-859-5856. Read it carefully before investing. Distributed by Ultimus Fund Distributors, LLC.

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Expense Ratio 0.89%

Performance data quoted represents past performance. Past performance does not guarantee future results. All performance assumes reinvestment of dividends and capital gains. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For performance information current to the most recent month end, call 1-888-859-5856.

The Bloomberg Barclays Capital U.S. Aggregate Bond Index is weighted according to market capitalization. Treasury securities, mortgage-backed securities (MBS) foreign bonds, government agency bonds and corporate bonds are some of the categories included in the index. The bonds represented are medium term with an average maturity of about 4.57 years. In all, the index represents about 8,200 fixed-income securities with a total value of approximately $15 trillion (about 43% of the total U.S. bond market). You cannot invest directly in the Index.

The Morningstar RatingTM for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk- Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results. As of 12/31/2017 CM Advisors Fixed Income Fund was rated against the following numbers of U.S.-domiciled Small-Term funds over the following time periods: 462 funds in the last three years and overall, 399 funds in the last five years, and 257 funds in the last ten years.  With respect to these Short-Term bond funds, CM Advisors Fixed Income Fund received a Morningstar Rating of five stars, four stars, and five stars for the overall and three-, five- and ten-year periods, respectively. Past performance is no guarantee of future results.

SEC 30-day yield 1.50%. SEC 30-day yield w/o waivers 1.50%

30-Day SEC Yield is the fund’s income, for the purposes of this calculation, based on the current market yield to maturity of the Fund’s holdings over a trailing 30-day period. This hypothetical income will differ (at times, significantly) from the Fund’s actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.

Top 10 Holdings as of 12/31/2017

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